Sponsor

Sponsor

TCF plans to give bailout money back

TCF Financial Corp. is saying "no
thanks" to money from the federal government.

The Wayzata-based bank says there are too many
strings under the program.

TCF is asking permission from federal regulators to return more
than $361 million it received less than four months ago. TCF says
it has enough funds to pay back the money and won't have to issue
more shares.

Chief executive Bill Cooper says Congress has "changed the
deal" by placing restrictions on dividends, employee bonuses and
executive compensation. Cooper returned from retirement last summer
to run the bank and doesn't earn a salary or bonus, but he says the
restrictions affect other TCF employees.

TCF joins at least two other institutions around the country
that have pulled out of the government's Troubled Asset Relief
Program, or TARP.